Self-employed individuals now have a QuickBooks program just for them.
Intuit has created QuickBooks Online Self-Employed, geared for the growing market of free-lancers and independent contractors. Intuit officials say the new QuickBooks version will help simply the financial lives of independent workers.
Research conducted by Intuit, in conjunction with Emergent Research, shows that by 2020, 43 percent of the U.S. workforce will operate as self-employed businesses. Research shows that the shift will create an on-demand economy, with a premium on such things as ride-sharing, peer-to-peer rentals, project-based job platforms and online retail platforms.
Intuit leaders believe QuickBooks Online Self-Employed makes it easier for free-lancers to manage business and personal finances, handle taxes, and meet compliance requirements.
“As the on-demand economy continues to expand, there will be unprecedented income opportunities for free-lancers,” said Alex Chriss, vice president and general manager of self-employed solutions at Intuit. “But this work comes with a host of new challenges: co-mingled and confusing business expenses, quarterly and year-end tax headaches, and a general lack of visibility into their ‘real income.’
“That’s why we are expanding the QuickBooks Online ecosystem with a new product that is tailor-made to meet the needs of a new type of entrepreneur operating in a new economy.”
Steve King, a partner at Emergent, said the on-demand economy gives entrepreneurs the option to operate independently while leveraging shared platforms and services.
“The transforming impact of this model of entrepreneurship is producing ripple effects across the labor force and the regulatory environment. QuickBooks Online Self-Employed is anticipating these trends and removing potential roadblocks for a rapidly expanding new class of worker.”
With QuickBooks Online Self-Employed, free-lancers, independent contractors and home-based entrepreneurs can:
- Connect accounts – Import bank and credit-card transactions to track income and expenses with no data entry.
- Categorize by click – Mark a transaction as “business” with the click of a button or finger swipe.
- Stack up savings – Track deductions for the year to save time and money.
- Simplify taxes – Calculate estimated quarterly and year-end taxes to avoid surprises come April.
- Count on security – Bank-grade encryption protects vital personal information.
QuickBooks Online Self-Employed has already helped entrepreneurs track more than $50 million in business expenses since its launch.
For information about the new QuickBooks program, go to selfemployed.intuit.com/.
Sansone Accounting & Tax is a provider of accounting and QuickBooks services. Sansone is known for guiding clients through planning and preparation decisions to minimize tax liabilities and help increase business efficiency. Whether it is QuickBooks or new business taxes, the firm prides itself on being available to play a major role in supporting financial, record-keeping and tax-planning issues. To schedule an appointment with one of Sansone’s certified public accountants, call (815) 459-4300.